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Copper price began today’s trading with a new positivity by surpassing the barrier at $4.6600, announcing its readiness to activate the bullish track in the current period, the unionism of providing positive momentum by the main indicators will reinforce the chances for achieving several gains, to reach the initial target at $4.7500, to press on 61.8% Fibonacci correction level at $4.8100.

Note that activating the negative track requires forming a sharp decline, to settle below $4.5000 level, to confirm targeting several negative stations that begin at $4.4300 and $4.3100.

The expected trading range for today is between $4.6100 and $4.7500

Trend forecast: Bullish

The GBPJPY pair succeeded to surpass the negative pressures after facing the moving average 55, which formed extra support at 192.10, forming some bullish waves and its stability near 193.30 to increase the chances for activating the previously waited bullish attack.

By the above image, we notice stochastic rally above 20 level, to reinforce the chances for gaining the positive momentum, to keep our bullish expectations to target 194.60 level.

The expected trading range for today is between 192.60 and 194.60

Trend forecast: Bullish

20-Day MA Holds as Support

If the 20-Day line can continue to show as support, then gold may have a chance to go a little higher towards the next target around the 78.6% Fibonacci retracement at $3,371. Since that price level is currently aligned with the convergence of two trendlines, there remains a possibility that it is touched before the current advance from trendline support reached last week is complete. Moreover, the convergence suggests a key pivot level where an upside-breakout could be followed by a move as demand kicks in.

Advance Stalls

A decline below today’s low shows short-term weakness and could lead to a test of support around $3,252. Further down is the 50-Day MA, now at $3,191. Along with the lower trendline the 50-Day MA marks potential dynamic support for the uptrend. The current upswing began following the November 2024 lows following a failed upside breakout of a rising trend channel (blue) on April 11. It reestablishes the integrity of the trend and therefore the possibility of a continuation higher. Subsequently, as long as gold trades above the 50-Day MA, the market is indicating it is prepared to go higher. Also, since the 20-Day MA is being recognized, it provides a shorter-term indicator for strength or weakness.

Weekly Closing Will Provide Clue

It is interesting to note that the two previous weekly upside breakouts failed, and each week ended with the price of gold below the prior week’s high. In other words, the weekly breakouts were not confirmed. A third weekly breakout occurred this week. The breakout will be confirmed by a weekly closing price above last week’s high of $3,292. One way to think about it is if the breakout confirms the chance of at least reaching the $3,371 price area improves. If this week ends below last week’s high, consolidation within the declining channel may prevail.

For a look at all of today’s economic events, check out our economic calendar.

Crude oil prices are expected to trade with a downward bias throughout 2025, according to a new report by ICICI Bank. The bank has significantly lowered its Brent crude oil price forecast for the year, citing a combination of rising global supply and subdued demand. Brent prices are now projected to remain in the range of $60 to $70 per barrel, with a potential dip to as low as $55 per barrel if bearish trends persist.

This marks a substantial downward revision from ICICI Bank’s previous forecast of $65 to $80 per barrel. The bank now estimates that the average price of Brent crude in 2025 will be around $65, compared to an earlier projection of $72 per barrel.
The primary driver behind this revised outlook is an anticipated net supply surplus of 1 million barrels per day (mbpd) over the course of the year. This surplus stems from a combination of sluggish global demand growth and increased oil production from both OPEC and non-OPEC countries. The report notes that this marks a clear transition from the conditions seen in 2024, when the market was grappling with a supply deficit during the same period.

ICICI Bank highlights that historically, a surplus in global oil supply tends to exert downward pressure on prices, and early data from March and April 2025 already points to this trend taking shape. The bank warns that unless there is a significant geopolitical disruption—such as tensions escalating in the Middle East, particularly involving Iran—or a strong demand recovery driven by Chinese economic stimulus, oil prices are unlikely to rebound meaningfully.
“In the absence of major supply shocks or demand accelerators, crude prices are expected to remain subdued for the rest of the year,” the report stated.

With global oil markets shifting into a phase of oversupply and demand staying weak, ICICI Bank believes the crude oil market is entering a transitional phase, and 2025 could witness persistently low oil prices unless the balance shifts significantly. The bank’s assessment underscores growing concerns among analysts about a prolonged period of pressure in the energy sector.

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• Silver price advances due to rising safe-haven demand amid growing US fiscal concerns.
• The safe-haven demand increases amid rising geopolitical tensions in the Middle East.
• Ukraine will ask the European Union to seize Russian assets after President Trump pulled back from tightening sanctions.

Silver price (XAG/USD) rises to near $32.60 per troy ounce during the Asian trading hours on Thursday, gaining ground for the third successive session. Precious metals, including Silver, attract buyers amid rising safe-haven demand over growing fiscal concerns in the United States (US).

Moody’s downgraded the US credit rating from Aaa to Aa1, following similar downgrades by Fitch Ratings in 2023 and Standard & Poor’s in 2011. Moody’s also predicted that US federal debt is expected to climb to around 134% of GDP by 2035, up from 98% in 2023, with the budget deficit expected to widen to nearly 9% of GDP. This deterioration is attributed to rising debt-servicing costs, expanding entitlement programs, and falling tax revenues.

Additionally, the ongoing geopolitical unrest in the Middle East dampens the risk sentiment and drives investors toward safe-haven assets like Silver. However, Prime Minister Benjamin Netanyahu said that Israel would charge ahead with a military campaign to gain total control of Gaza, in the event of, failure of the return of hostages. Reuters cited the Israeli military as saying to let 100 aid trucks into the Gaza Strip on Wednesday, as UN officials reported that distribution issues had meant that no aid had so far reached people in need.

Next week, Ukraine is set to ask the European Union (EU) to seize Russian assets and put sanctions on some buyers of Russian Oil. As President Trump backed off from tightening sanctions, Ukraine will present an unreported white paper to the EU, asking 27-member countries to take an independent position on sanctions.